Monaco is the second-smallest independent state in the world, as well as the second smallest country in the world; only Vatican City is smaller. Monaco is ideally situated on the French Riviera, boarding France on three sides and looking out to the sea.
There are a number of panoramic viewpoints looking out over exceptional scenery including from Jardin Exotic, the entrance of the Moyenne Corniche to the heights of Mont Angel. Gamblers and the rich and famous alike, flock to the Place du Casino in Monte-Carlo. Every May the principality hosts the renowned Monaco Grand Prix. Monaco is also well located for exploring both Provence, the French Riviera and Italy.
In the main port, expensive luxury yachts and boat are a permanent fixture, corroborating Monaco's reputation as a glamorous destination for the rich and famous. Monaco's pleasant climate, reputation and environment as well as the absence of income or inheritance tax and lack of financial reporting requirements all contribute to this situation. Monaco survives principally by providing tax concessions and discreet banking facilities for wealthy foreigners, which attracts many extremely wealthy individuals as residents. Tourism is also a major source of revenue, being the mainstay of local retail businesses.